At Jiancaoping District, a rural part of Taiyuan, the capital city of Shanxi Province, north China, more than 8% of the residents are religious, believing in Catholicism, Christianity, Islam, Buddhism, as well as Chin...At Jiancaoping District, a rural part of Taiyuan, the capital city of Shanxi Province, north China, more than 8% of the residents are religious, believing in Catholicism, Christianity, Islam, Buddhism, as well as China＇s indigenous religion, Taoism. In other words, all the five religions in China have believers here. In particular, there are 16 villages with altogether 10,000 Catholics living in compact communties. It so happens that most religious people live in mountainous or hilly areas in the district, where adverse natural conditions once rendered them poor.展开更多
Under the NTS Reform(Non-Tradable Share Reform),this paper explores the cross-sectional relations between illiquidity and stock returns by considering the idiosyncratic volatility biases in the Shanghai A’Share stock...Under the NTS Reform(Non-Tradable Share Reform),this paper explores the cross-sectional relations between illiquidity and stock returns by considering the idiosyncratic volatility biases in the Shanghai A’Share stock market.Differing from prior studies,stock returns are decreasing in a stock’s illiquidity both before and after the NTS Reform.Regarding the negative relation between illiquidity and stock returns,we find that stock returns show no clear relation with illiquidity after controlling for idiosyncratic volatility biases.Furthermore,we use residual approach to eliminate the effect of idiosyncratic volatility,and find there exists a positive relation between illiquidity and stock returns after the NTS Reform.展开更多
文摘At Jiancaoping District, a rural part of Taiyuan, the capital city of Shanxi Province, north China, more than 8% of the residents are religious, believing in Catholicism, Christianity, Islam, Buddhism, as well as China＇s indigenous religion, Taoism. In other words, all the five religions in China have believers here. In particular, there are 16 villages with altogether 10,000 Catholics living in compact communties. It so happens that most religious people live in mountainous or hilly areas in the district, where adverse natural conditions once rendered them poor.
文摘Under the NTS Reform(Non-Tradable Share Reform),this paper explores the cross-sectional relations between illiquidity and stock returns by considering the idiosyncratic volatility biases in the Shanghai A’Share stock market.Differing from prior studies,stock returns are decreasing in a stock’s illiquidity both before and after the NTS Reform.Regarding the negative relation between illiquidity and stock returns,we find that stock returns show no clear relation with illiquidity after controlling for idiosyncratic volatility biases.Furthermore,we use residual approach to eliminate the effect of idiosyncratic volatility,and find there exists a positive relation between illiquidity and stock returns after the NTS Reform.
